Armani Heirs Receive 'Surprise Twist' in His Will

Giorgio Armani's legacy may soon undergo a major shift. According to the late designer's will, his heirs have marching orders: Sell a 15% stake in Giorgio Armani SpA within 18 months, and then, over a three- to five-year window, offload an additional 30% to 54.9%—all ideally to the same buyer, reports the Guardian. If a sale doesn't pan out, going public is on the table, with an IPO listed as a backup plan. The will singles out a few luxury heavyweights as preferred buyers, including LVMH (helmed by France's Bernard Arnault), L'Oréal, and EssilorLuxottica, a key Armani partner. But it leaves the door open for other industry players tied to the Armani name.

Reuters sees the instructions as a "surprise twist." Armani, who died last week at 91, was famously protective of the brand he built with Sergio Galeotti in the 1970s, repeatedly shunning offers to merge into larger luxury conglomerates. He called independence "an essential value," a stance reflected in his company's refusal to join the ranks of the big four fashion giants. Armani had no children, though relatives including two nieces and a nephew sit on the company board.